Global Molecular Spectroscopy Market is expected to reach USD 6,443.5 million by 2024, from USD 3,959.8 million in 2016, growing at a CAGR of 6.3% in the forecast period. The new market report contains data for historic year 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.Access Report: http://databridgemarketresearch.com/reports/global-molecular-spectroscopy-market/
Global Molecular Spectroscopy Market, By Type (Nuclear Magnetic Resonance (Continuous Wave, Fourier Transform, Solid State), UV-Vis, Infrared (IR), Near Infrared (NIR), Colour Spectroscopy, Raman Spectroscopy, Others), By Applications (Pharmaceuticals, Biotech, Food and Beverages, Environmental Testing, Academics, Others), By Geography (North America, South America, Europe, Asia-Pacific, Rest of the World) – Industry Trends and Forecast to 2024
Some of the factors that have led to the increase in the growth of global spectroscopy are advancements in the research and development in the spectroscopy field along with huge government spending for developing and innovation in this market. The major factors driving the growth of this market are the new international GMP & GDP certification for pharmaceutical excipients (North America & Europe), global alliances amongst leading research institutes to boost drug discovery, growing food safety concerns, increasing life science R&D spending, and technological advancements.
Pharmaceutical excipients transport a drug to a site in the body where the drug is intended to act; they assist in product identification, and enhance the overall safety or function of a product during storage or use. Since these substances are an integral part of drugs, they require stringent quality management. However, there is no dedicated regulatory quality control body to check the major components of dosage forms.
GLOBAL ALLIANCES AMONGST LEADING RESEARCH INSTITUTES TO BOOST DRUG DISCOVERY:
The alliance aims to strengthen drug development research activities among the international academic and not-for-profit research institutes. With strengthening of research activities, the scope for commercialization of drugs is increasing and more activities are taking place in the drug discovery and development arena. Molecular spectroscopy techniques are extensively used in such research activities as well as in the drug discovery and development process. Thus, such initiatives are expected to drive the market for molecular spectroscopy.
GROWING FOOD SAFETY CONCERNS:
Molecular spectroscopy is used by food testing laboratories, to identify and quantify foreign substances in food. For instance, an NMR spectroscopy technique is being developed by the Institute of Food Research (IFR) (U.K.) to analyze the fatty acid composition of food samples. This initiative is being implemented in response to the 2013 horse meat scandal in the U.K. Thus, the increasing use of molecular spectroscopy instruments in maintaining high quality of food is propelling the market growth.
INCREASING LIFE SCIENCE R&D SPENDING:
Global pharmaceutical companies are adopting cost cutting strategies such as alliances and acquisitions to jointly conduct R&D activities and to focus on the development of niche products such as ‘orphan drugs’. Spectroscopy has numerous applications in protein analysis and purification, and quality control of raw materials and APIs. Thus, the growth in R&D spending is likely to increase the application horizon of molecular spectroscopy instruments.
Some of the major players operating in this market are:
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